Solar projects get Rs 5,050 crore boost from Centre

January 2016, National
In Brief:

The government approved a ‘viability gap funding’ (VGF) of Rs. 5050 crore for setting up over 5,000 MW of grid-linked solar power projects under the Jawaharlal Nehru National Solar Mission (JNNSM).
 “The VGF will be provided through reverse bidding. Whosoever will quote the lowest VGF will win. One part of these funds will be for domestic modules. These companies will be given Rs 1.25 crore per MW and those coming through international competitive bidding will get Rs one crore per MW),” Mr. Goyal said.
According to the statement, it will be implemented by solar power developers (SPDs) with VGF under batch-lV of phase-ll of the JNNSM. The total investment expected under this scheme is about Rs 30,000 crore.
The upper limit for VGF will be Rs 1 crore per MW. In case there is savings in the total VGF requirement, quantum of capacity of 5000 MW can be enhanced, it said.
Under the scheme, 500 MW capacity will be created this fiscal while during four financial year from 2016-17 to 2019-20, solar power generation capacity of 1,125 each year will be set up.
The scheme will be implemented on build, own and operate basis through competitive bidding to provide solar power at a pre-defined tariff of Rs 4.93 per kWh (unit) for first year.
The scheme will be implemented by SECI as per Ministry of New and Renewable Energy (MNRE) guidelines. SECI shall prepare necessary bidding documents for inviting the proposals for setting up of projects on a competitive bidding through e-bidding.
Requisite funds for provision of the VGF support will be made available to MNRE from the National Clean Energy Fund (NCEF), operated by Ministry of Finance.

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